Choose your broker carefully

Discussion in 'Forex Brokers' started by SweetPrincess, Jul 7, 2017.

  1. SweetPrincess

    SweetPrincess Trader

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    It is impossible to emphasize the importance of the choice of a broker. We must not neglect in choosing your broker. Your expertise level and trading goals should match the details of the offer made by the broker. You should always refer to Forex broker reviews to find a reliable broker that best suites your trading style.
     
    Kirik20020 likes this.
  2. ashouq

    ashouq Active Trader

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    In my opinion we should check the review sites like forex peace army to get traders' actual insight about any broker before finalizing them.
     
    vincent koril and Kirik20020 like this.
  3. garena

    garena Active Trader

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    Only FPA is not enough, you need referring from many sources as real trader. Normally if a broker that many trader could withdraw their profit smoothly for a long time, that could ba a good choice.
     
    Kirik20020 likes this.
  4. Hafizmd

    Hafizmd Active Trader

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    They cannot be withdrwan only in case you are trapped into some scam broker.... in any other cases it's possible
     
    Kirik20020 likes this.
  5. likeamad

    likeamad Newbie

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    When I was a newbie in forex I made a lot of mistakes by choosing a bad broker
     
  6. xerof

    xerof Trader

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    I hope you corrected yours mistakes. When I was a newbie my biggest mistake was that i didnt use forex rebates. I traded a lot of lots, my broker earn money on me, and I didn't get nothing in return. I corrected my mistake. :)
     
    vincent koril and Kirik20020 like this.
  7. jellyeb

    jellyeb Active Trader

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    Yeah trading costs can affect your profit considerably, especially if your scalper. I would really like to get more information what rebate service to choose what does it cost and how much will I benefit from it.
     
    Kirik20020 likes this.
  8. ashouq

    ashouq Active Trader

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    Mistakes are a part of learning because those who make mistakes get a chance to gain experiences from them, i guess.
     
    vincent koril likes this.
  9. ForexTradesman

    ForexTradesman Newbie

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    Find a broker with a solid reputation, regulated in one or two countries. STP brokers who will never cheat and manipulate your orders.
     
  10. Shaun Henry

    Shaun Henry Trader

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    When I started up, I was careless about selection of broker, but once I suffered with Instaforex and few other brokers, I realized it just not going to work for me. Then onwards, I did proper research and went with brokers that were proven good and I feel happy now with my career.
     
    Ketrama Rinok likes this.
  11. danielelton

    danielelton Trader

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    It is very difficult to find a suitable broker if you do not know about it. A trader needs to study about broker before goes to choose it.
    Because you can not give your hard earned cash to the scammers. I have gone through a lot of articles recently to understand the functionality about forex brokers. Unfortunately, nowhere I get complete brokers guides for beginners. I find the following article at last. I think it will make your sense clear about forex broker and help you in choosing the right one.
     
    Last edited by a moderator: Nov 2, 2017
    vincent koril likes this.
  12. Ketrama Rinok

    Ketrama Rinok Trader

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    thanks guys, these counsel are so handy. Still just looking around asI set foot on the markets.
     
  13. JohnyIve

    JohnyIve Trader

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    To tell the truth i didn't see traders without mistakes. This sphere has to be learned step by step and it's normal to make some mistakes when you're newbie. But it's a big problem if after monthes of trading you still regulary lost your deposit. But for those who wanna safe his funds:
    1. Always use demo accounts. Expecially when u see good strategy or when you doubt;
    2. Don't forget about money managment and risk managment. Nice and easy)
     
    vincent koril likes this.
  14. Bradley79

    Bradley79 Newbie

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    Always do your broker research. Don`t believe everything you read on the broker's website, review site or forum.
    If they claim that they are regulated by CySec for example - go on the cysec site and check if it really is.
    Find reviews from as many places (and as fresh) as possible.
    Check if the broker is a DD or NDD.
    Find out what their margin calls and automatic stop-out levels are at.
    Do they have negative balance protection?
    Do they allow EAs and auto trading?
    What is their order execution (STP/DMA)?
    Are the customer and broker accounts segregated?
    What are the fees and taxes?
    What is the leverage they offer?
    Before opening and funding a live account - always test with a demo one.
    Learn the minimum deposit and withdrawals policy. Also - see what the rules for making a withdrawal are.
    Never invest more than you can afford to lose.
    Don`t put all your eggs in one basket - diversify your portfolio and hedge your possitions.
     
  15. hasibul

    hasibul Trader

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    I see that there is a lot of discussion on this topic on the Forex topic, and that there are enough questions from beginners, as well as criticism from those who are already trading, so I think that a special topic is definitely needed.
     
  16. hasibul

    hasibul Trader

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    I think the choice of brokers for anyone who wants to deal with a forex key item in this business and I do not mean just about spread or commissions in terms of who is cheaper, but most of the security of the funds invested, as well as on regular earnings or invested capital .
     
  17. Celine Arina

    Celine Arina Newbie

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    Yes, choosing a trusted and reliable Forex Broker really a very important.
     
  18. orangebear

    orangebear Trader

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    yes refer to an service that relies on and favors those that pay them :)
     
  19. JamesForex123

    JamesForex123 Trader

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    I use JAFX and I am very happy.
     
  20. Anthony Lazarus

    Anthony Lazarus Trader

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    Right. There are lot of scams available in the market. One need to be diligent enough when choosing a broker. It can either love you (genuine), play you (lukewarm) or broke you (fake).
     

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